New Jersey, NJ, July 29, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled, "Catalyst Market by Material (Metal, Chemical, Zeolites, Organometallic Materials), Type, Application, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025". As per the report, the global catalyst market is expected to grow from USD 24.29 Billion in 2017 to USD 35.63 Billion by 2025, at a CAGR of 4.91% during the forecast period from 2018-2025. Rising demand from the end user industries such as petroleum refinery, chemical synthesis industry as well as polymer and petrochemical industry are fuelling the market growth.
Market Outlook of the Catalyst
- A catalyst is a substance that speeds up a chemical reaction but is not consumed by the reaction. Therefore a catalyst can be recovered chemically unchanged at the end of the reaction for which it has been used to speed up. Most solid catalysts are metals or the oxides, sulfides, and halides of metallic elements and of the semi-metallic elements such as boron, aluminum, and silicon. Catalysts play an essential role in the production process of petroleum, polymers, chemicals, and other such commercially important products.
- Increasing demand for catalysts from the petroleum refining sector, growing demand for the polymers as well as the growth of the chemical manufacturing industry are some of the factors that are driving the global catalyst market. Whereas volatility in raw material prices and technological advancements that are leading to reduced consumption of catalysts are anticipated to present a major roadblock for the growth of the market. However, growing use of catalysts for biochemical synthesis reactions and increasing research and development activity for improving the efficacy of catalysts is expected to increase the market size in the upcoming year.
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Material Segment Analysis of the Catalyst Market
- Metal
- Chemical
- Zeolites
- Organometallic Materials
Metal catalysts are widely utilized in the petrochemical and polymers sector, thus rising demand for these products is leading to an increased demand for the catalysts. The metal catalyst segment led the global catalyst market with USD 9.35 billion revenue in 2017. Owing to their growing utilization for the purpose of converting high molecular weight hydrocarbons into light ones, such as petrol and diesel, the zeolites segment is projected to attain a significant pace over the forecast period. Chemical catalyst segment also held a robust market share in 2017, due to their low cost and healthy demand from the developing economies of the world.
Type Segment Analysis of the Catalyst Market
- Heterogeneous
- Homogenous
The increasing use of heterogeneous catalysts in the chemical, polymer, petrochemicals, and automobile industries as well as their property for easy separation from the product, the heterogeneous catalyst segment emerged as the leader with USD 15.42 billion revenue in 2017. The growing use of homogeneous catalyst in the esterification reaction of carboxylic acid has increased as well as growing use of organometallic compounds in the manufacturing of polypropylene and polyethylene has driven the segment growth. The homogeneous segment is anticipated to grow with the highest CAGR of 5.11% during the forecast period.
Application Segment Analysis of the Catalyst Market
- Petroleum Refining
- Chemical Synthesis
- Petrochemicals
- Others
Catalysts aid in the cracking process of the raw crude oil. Therefore growing global demand for petroleum products coupled with growth in the crude oil refining capacities across the world led petroleum refining segment to dominate the global catalyst market with USD 9.80 billion revenue in 2017. Chemical synthesis segment also held a robust share of the global catalyst market in 2017 due to swelling demand from various end-use industries including plastics, rubber, automotive, electrical and electronic appliances. Growth of these end-use industries is will eventually boost the demand for polymer and this further increases the market growth.
Region Segment Analysis of the Catalyst Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region emerged as the largest market for the catalyst with a 34.63% share of market revenue in 2017. The rapid development of chemical synthesis as well as petrochemical industry, increase in petroleum refining capacities and rising demand for the petroleum fuel, are the factors that are anticipated to fuel the Asia Pacific region to grow at an accelerated CAGR of 7.83% over the forecast period. Europe region is also anticipated to grow at a robust pace owing to the presence of well-developed chemical synthesis industry.
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Competitive landscape and key vendors
- Major players in the global catalyst market are Albemarle Corporation, BASF SE, Clariant AG, The DOW Chemicals Company, ExxonMobil Chemical Co., Chevron Philips Chemical Company, Zeolyst International, Inc, Johnson Matthey Process Technologies, W.R. Grace and Co, Evonik Industries AG, E. I. du Pont de Nemours and Company, Dorf Ketal Chemicals Llc, Borealis AG, Sinopec Corp., Royal Dutch Shell PLC, and among others.
- In order to increase their market footprint and participate effectively in the highly competitive market, firms are taking the merger and acquisitions route to expand their catalyst production capacities. For instance W.R. Grace Co in 2018, announced the acquisition of Albemarle Corporation’s catalyst business. This acquisition has provided a boost to the company’s polyolefin catalysts and components business.
- Major firms are increasingly collaborating to effectively serve the unabated demand for the end user industries. For instance Chevron Philips Chemical Company and W.R. Grace and Co in 2015, announced the launch of their collaboration with the establishment of Advanced Refining Technologies (ART). Advanced Refining Technologies is planning to build a residue hydro-processing catalyst plant in Louisiana, US with an investment of USD 135 million.
About the report:
The global catalyst market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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